an ECB report recognizes its usefulness

The European Central Bank (ECB) has produced a report in which it explains how to find “the holy grail” of cross-border payments. And according to her, the Bitcoin (BTC) network is among the solutions capable of significantly improving cross-border payments.

Bitcoin (BTC), a universal and secure payment solution

According a tweet from Documenting Bitcoin on August 2, the European Central Bank released a new research report. This one states that Bitcoin (BTC) owns”properties that would seem to potentially make it fit to be the “holy grail” of cross-border payments“. Indeed, according to the European Central Bank, Bitcoin (BTC) allows cross-border payments to be made instantly and at low cost.

Additionally, the report calls Bitcoin (BTC) the “holy grail” of cross-border payments as with it, they are universal and limitless. It is a means of payment which allows transactions to be carried out in a secure manner. The report adds that such a solution has been sought for a very long time, with the rise of international trade. In fact, it’s been sought after since consumers have a “implicit need to pay“.

The European Central Bank’s research report provides several solutions for finding the “holy grail” of cross-border payments. Aside from Bitcoin (BTC), this “holy grail” can be obtained through “modernization of correspondent banking“. It can also be if countries adopt “emerging cross-border FinTech solutions” and “global stablecoins“.

It is the same with “interconnected instant payment systems with device conversion layer“. An interconnected CBDC that has a device conversion layer could also represent the holy grail of cross-border payments.

The ECB explained in a recent commented report Bitcoin (BTC) could become the cross-border payment solution par excellence. According to her, this network consists of a secure, reliable, instantaneous and universal payment system.

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